The "good news" for consumers from monopolistic competition is ________ but the "bad news" for producers is that ________.
A. lower prices than monopoly; there are higher production costs
B. lower prices than monopoly; there are higher travel costs
C. lower prices than monopoly; there is less product variety
D. greater product variety; product prices are higher
Answer: A
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Many economists conclude that in-kind income programs have served to reduce levels of inequality significantly from the levels suggested by aggregate income statistics
a. True b. False Indicate whether the statement is true or false
A shift to a more expansionary monetary policy will generally _________ in the short run, but if the rapid monetary expansion persists, the long-run result will be ______.(fill in the blanks.)
a. expand output and employment; inflation b. increase the general level of prices; expand output and employment c. increase the rate of unemployment; reduce the rate of inflation d. reduce the rate of inflation; increase the rate of unemployment
Refer to the graph shown. If sellers receive a price of $15, quantity supplied will equal:
A. 25. B. 100. C. 50. D. 75.
Many economists describe the 2007–2009 period in the United States as being a condition of a(n)
A. deflationary gap. B. recessionary gap. C. inflationary gap. D. reflationary gap.